The US housing market had had a boost after government figures showed that construction of new homes rose faster than analysts had expected in February.New housing starts were up 9% from January, the Commerce Department said.
There are concerns about the state of the housing market as inflation has threatened to keep interest rates high.
At the same time, record numbers of people defaulting on mortgages have fanned fears that lending requirements would be tightened up, denting demand.
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